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BCA "disappointed" by effects test

The Business Council of Australia is disappointed that the Turnbull government has agreed to implement a so-called "effects test", saying it will affect the whole economy, including both big and small business.

"We are very disappointed, but we will work with the government through the drafting process to try to pre-empt any unintended consequences," BCA president Catherine Livingstone said at the Australian Financial Review Business Summit on Wednesday.

The effects test will prohibit big companies from acting in such a way that will have the effect of substantially reducing competition without any economic justification.